Contact: Colleen Roche/Curt Ritter (212) 788-2958
Mayor Rudolph W. Giuliani announced today that New York City has had the strongest private sector job growth on record in 1998, with the creation of over 84,000 private sector jobs. In December 5,600 private sector jobs were created in New York City, following November's gain of 3,900 jobs. New York City has now created 329,000 jobs since November 1992, after the City had lost 348,000 jobs over the previous five years. In 1998 New York City's private sector employment recorded a growth of 2.9%, outpacing the rest of the country, which grew at 2.8%. In addition, since 1993 New York City has also outpaced the rest of the State with a job growth of 10.6%, double the rest of the State's job growth of 5.6%.
"This is great news for New York City," said Mayor Giuliani. "As expected, 1998 had the strongest private sector job growth in over 40 years - since records were first kept. The City's economic renaissance continues and we have now regained almost 95 percent of the jobs, 329,000, which were lost in the prior five years. Not only is New York City breaking records, it's also outpacing both the State and the rest of the country in job growth. The quality of life for New Yorkers has improved greatly since 1993, when crime and taxes were out of control. Today's news continues to support the fact that New York City is the City people throughout the world turn to for leadership as the Capital of the World."